Audited Financial Statements

Prepared by:

Cezar, Mikaella Juliene V.

Dionaldo, Kathleen Joyce

Escobia, Patricia Leen

Lim, Ken

Melgar, Christine Del

May 1, 2024
Table of Contents
INDEPENDENT AUDITOR’S REPORT....................................................................................................4
Opinion................................................................................................................................................................ 4
Basis for Opinion............................................................................................................................................. 4
Emphasis of Matter......................................................................................................................................... 4
Key Audit Matters............................................................................................................................................ 4
Revenue Recognition from Real Estate Sales.........................................................................................5
Audit Response................................................................................................................................................. 5
Other Information........................................................................................................................................... 6
Responsibilities of Management and Those Charged with Governance for the Consolidated
................................................................................................................................................................................ 6
Financial Statements...................................................................................................................................... 6
Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements.................7
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION.............................................................9
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME.................................................11
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY............................................................13
CONSOLIDATED STATEMENTS OF CASH FLOWS...........................................................................14
Notes to Financial Statements............................................................................................................15
1. Corporate Information...................................................................................................................... 15
2. Basis of Preparation........................................................................................................................... 15
3. Statement of Compliance.................................................................................................................. 15
4. Basis of Consolidation........................................................................................................................ 16
5. Standards Issued but not yet Effective......................................................................................... 16
INDEPENDENT AUDITOR’S REPORT

The Stockholders and the Board of Directors

Robinson Land Corporation
Level 2, Galleria Corporate Center, EDSA corner Ortigas Avenue, Quezon City, Metro Manila

Opinion

We have audited the accompanying consolidated financial statements of Robinson Land Corporation and
its subsidiaries (the Group), which comprise the consolidated statements of financial position as at
December 31, 2022 and 2021, and the consolidated statements of income, consolidated statements of
comprehensive income, consolidated statements of changes in equity and consolidated statements of cash
flows for each of the three years in the period ended December 31, 2022, and notes to the consolidated
financial statements, including a summary of significant accounting policies.

In our opinion, the accompanying consolidated financial statements of the Group as at

December 31, 2022 and 2021, and for each of the three years in the period ended December 31, 2022 are
prepared in all material respects, in accordance with Philippine Financial Reporting Standards (PFRSs),
as modified by the application of the financial reporting reliefs issued and approved by the Securities and
Exchange Commission (SEC) as described in Note 2 to the consolidated financial statements.

Basis for Opinion

We conducted our audits in accordance with Philippine Standards on Auditing (PSAs). Our
responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit
of the Consolidated Financial Statements section of our report. We are independent of the Group in
accordance with the Code of Ethics for Professional Accountants in the Philippines (Code of Ethics)
together with the ethical requirements that are relevant to our audit of the consolidated financial
statements in the Philippines, and we have fulfilled our other ethical responsibilities in accordance with
these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our opinion.

Emphasis of Matter

We draw attention to Note 2 to the consolidated financial statements which indicates that the consolidated
financial statements have been prepared in accordance with PFRSs, as modified by the application of the
financial reporting reliefs as issued and approved by the SEC in response to the COVID-19 pandemic.
The impact of the application of the financial reporting reliefs on the 2022 consolidated financial
statements are discussed in detail in Note 2. Our opinion is not modified in respect of this matter.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our
audit of the consolidated financial statements of the current period. These matters were addressed in the
context of our audit of the consolidated financial statements as a whole, and in forming our opinion
thereon, and we do not provide a separate opinion on these matters. For each matter below, our
description of how our audit addressed the matter is provided in that context.
We have fulfilled the responsibilities described in the Auditor's Responsibilities for the Audit of the
Consolidated Financial Statements section of our report, including in relation to these matters.
Accordingly, our audit included the performance of procedures designed to respond to our assessment of
the risks of material misstatement of the consolidated financial statements. The results of our audit
procedures, including the procedures performed to address the matters below, provide the basis for our
audit opinion on the accompanying consolidated financial statements.

Revenue Recognition from Real Estate Sales

The Group’s revenue recognition process, policies and procedures for real estate sales are significant
to our audit because these involve application of significant judgment and estimation in the following
areas: (1) assessment of the probability that the entity will collect the consideration from the buyer;
(2) determination of the transaction price; and 3) application of the output/input method as the measure of
progress in determining real estate revenue.

In evaluating whether collectability of the amount of consideration is probable, the Group considers the
significance of the buyer’s initial payments (or buyer’s equity) in relation to the total contract price.
Collectability is also assessed by considering factors such as past history with the buyer, age and pricing
of the property. Management regularly evaluates the historical sales cancellations and back-outs, after
considering the impact of the COVID-19 pandemic, if it would still support its current threshold of
buyers’ equity before commencing revenue recognition.

In determining the transaction price, the Group considers the selling price of the real estate property and
other fees and charges collected from the buyers that are not held on behalf of other parties.

In measuring the progress of its performance obligation over time, the Group uses the input method.
Under this method, progress is measured based on actual costs incurred as determined by the accounting
department relative to the estimated total project cost. In the estimation of total project costs, the Group
requires technical determination by the Group’s specialists (project engineers) to estimate all the inputs
involved in the construction and development of the projects to include materials, labor and other costs
directly related in the construction of the projects.

In 2022, the Group's real estate revenue and costs include revenue recognition from the Group’s real
estate operations in China. In recording its revenues, taking into account the contract terms, business
practice and the legal and regulatory environment in China, it uses Completed Contract method (CCM) in
accordance with PFRS 15. Under this method, all the revenue and profit associated with the sale of the
real estate inventories is recognized only after the completion of the project.

The disclosures related to the real estate revenue are included in Note 21 to the consolidated financial
statements.

Audit Response

We obtained an understanding of the Group's real estate revenue recognition process, policies and
procedures.

For the buyers’ equity, we evaluated management’s basis of the buyer’s equity by comparing this to the
historical analysis of sales cancellations from buyers with accumulated payments above the collection
threshold. We also considered the impact of the coronavirus pandemic to the level of cancellations during
the year. We traced the analysis to supporting documents such as deed of cancellations.

For the determination of the transaction price, we obtained an understanding of the nature of other fees
charged to the buyers. For selected contracts, we compared the amounts excluded from the transaction
price against the expected amounts required to be remitted to the government based on existing tax rules
and regulations (e.g., documentary stamp taxes, transfer taxes and real property taxes).
For the application of the input method in determining real estate revenue and for determining cost of
sales, we obtained an understanding of the Group’s processes for determining the percentage of
completion (POC), including the cost accumulation process, and for determining and updating of total
estimated costs, and performed tests of the relevant controls on these processes. We assessed the
competence, capabilities and objectivity of the project engineers by reference to their qualifications,
experience and reporting responsibilities. For selected projects, we traced costs accumulated, including
those incurred but not yet billed costs, to the supporting documents such as purchase order, billings and
invoices of contractors and other documents evidencing receipt of materials and services from suppliers
and contractors. For the estimation of total project costs, we obtained an understanding of the Group’s
budgeting and project close-out process. For the estimated project cost, we performed test of details
(price and quantity) on a sampling basis, for the inputs for each of the major project development
workstream. We also performed test of subsequent changes to the budget by vouching to certain
documents such as capital fulfillment plan, capital expenditure requests and related executive committee
approvals. We performed look back analysis for both ongoing projects and fully completed projects in
current and prior years and performed inquiries with the project engineers for the basis of revisions. We
visited selected project sites and made relevant inquiries, including inquiries on how the coronavirus
pandemic affected the POC during the period, with project engineers. We performed test computation of
the POC calculation of management.

For the revenue recognition of the Group’s real estate operations in China reported under CCM, we
coordinated with the non-EY auditors of the Group in China on certain audit procedures and shared
information that may be relevant to their audit. However, we have no responsibility for the procedures
they performed or for their report. Also, we coordinated with our EY network firm in China (EY Hua
Ming Chengdu Office) to perform planning, risk identification and review of audit procedures performed
by the non-EY auditors of the Group in China. Based on the reports obtained and reviewed, the non-EY
auditors in China performed tests of the relevant controls on revenue process, verified the revenue and
costs recognized, obtained and assessed relevant licenses including communications to buyers that real
estate inventories are ready for acceptance, obtained signed notice of acceptance or equivalent
documentation from the buyers, obtained and evaluated accomplishment reports, and validated that the
revenue and costs are recognized in the correct period

Other Information

Management is responsible for the other information. The other information comprises the information
included in the SEC Form 20 IS (Definitive Information Statement), SEC Form 17 A and Annual Report
for the year ended December 31, 2022, but does not include the consolidated financial statements and our
auditor’s report thereon. The SEC Form 20 IS (Definitive Information Statement), SEC Form 17 A and
Annual Report for the year ended December 31, 2022 are expected to be made available to us after the
date of this auditor’s report.

Our opinion on the consolidated financial statements does not cover the other information and we will not
express any form of assurance conclusion thereon.

In connection with our audits of the consolidated financial statements, our responsibility is to read the
other information identified above when it becomes available and, in doing so, consider whether the other
information is materially inconsistent with the consolidated financial statements or our knowledge
obtained in the audits, or otherwise appears to be materially misstated.

Responsibilities of Management and Those Charged with Governance for the Consolidated
Financial Statements

Management is responsible for the preparation and fair presentation of the consolidated financial
statements in accordance with PFRSs, as modified by the application of financial reporting relief issued
and approved by the SEC as described in Note 2 to the consolidated financial statements, and for such
internal control as management determines is necessary to enable the preparation of consolidated
financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, management is responsible for assessing the Group’s
ability to continue as a going concern, disclosing, as applicable, matters related to going concern and
using the going concern basis of accounting unless management either intends to liquidate the Group or to
cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the Group’s financial reporting process.

Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a
whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report
that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an
audit conducted in accordance with PSAs will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic decisions of users taken on the
basis of these consolidated financial statements.

As part of an audit in accordance with PSAs, we exercise professional judgment and maintain
professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the consolidated financial statements,
whether due to fraud or error, design and perform audit procedures responsive to those risks, and
obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of
not detecting a material misstatement resulting from fraud is higher than for one resulting from error,
as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of
internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Group's internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by management.

• Conclude on the appropriateness of management’s use of the going concern basis of accounting and,
based on the audit evidence obtained, whether a material uncertainty exists related to events or
conditions that may cast significant doubt on the Group’s ability to continue as a going concern. If
we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s
report to the related disclosures in the consolidated financial statements or, if such disclosures are
inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to

• the date of our auditor’s report. However, future events or conditions may cause the Group to cease
to continue as a going concern.

• Evaluate the overall presentation, structure and content of the consolidated financial statements,
including the disclosures, and whether the consolidated financial statements represent the underlying
transactions and events in accordance with PFRSs, as modified by the application of financial
reporting relief issued and approved by the SEC as described in Note 2 to the consolidated financial
statements.

• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or
business activities within the Group to express an opinion on the consolidated financial statements.
We are responsible for the direction, supervision and performance of the audit. We remain solely
responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned scope
and timing of the audit and significant audit findings, including any significant deficiencies in internal
control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant
ethical requirements regarding independence, and to communicate with them all relationships and other
matters that may reasonably be thought to bear on our independence, and where applicable, related
safeguards.

From the matters communicated with those charged with governance, we determine those matters that
were of most significance in the audit of the consolidated financial statements of the current period and
are therefore the key audit matters. We describe these matters in our auditor’s report unless law or
regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we
determine that a matter should not be communicated in our report because the adverse consequences of
doing so would reasonably be expected to outweigh the public interest benefits of such communication.

The engagement partner on the audit resulting in this independent auditor’s report is Michael C. Sabado.

SYCIP GORRES VELAYO & CO.

Ken H. Lim
Partner
CPA Certificate No. 89336
Tax Identification No. 160-302-865
BOA/PRC Reg. No. 0001, August 25, 2023, valid until April 15, 2027
SEC Partner Accreditation No. 89336-SEC (Group A)
Valid to cover audit of 2023 financial statements of SEC covered institutions
SEC Finn Accreditation No. 0001-SEC (Group A)
Valid to cover audit of 2023 to 2025 financial statements of SEC covered institutions
BIR Accreditation No. 08-001998-073-2020, December 3, 2024, valid until December 2, 2024
PTR No. 9564691, January 3, 2024, Makati City

May 21, 2024

ROBINSONS AND LAND CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

December 31
2022 2023

ASSETS

Current Assets
Cash and cash equivalents (Notes 7, 20 and 32) ₱8,277,999,18 ₱18,649,773,7
0 84
Receivables (Notes 4, 8, 20, 32 and 33) 15,064,345,19 15,493,189,40
5 3
Subdivision land, Condominium and residential units for 32,511,606,47 37,679,441,73
sale (Note 9) 1 3
Other current assets (Notes 10, 32, and 33) 4,895,538,592 4,754,523,164
Total Current Assets 60,749,489,59 76,576,928,08
2 4

Noncurrent Assets
Noncurrent receivables (Notes 4, 8, 20, 32 and 33) 6,388,500,204 7,549,521,416
Investment properties (Note 11) 131,122,250,2 124,939,053,8
97 75
Property and equipment (Note 12) 15,693,982,34 8,689,979,440
4
Investments in joint ventures and advances (Note 31) 2,804,874,254 2,590,847,311
Right-of-use assets (Note 34) 1,427,441,661 1,198,810,590
Other noncurrent assets (Note 13, 20, 32 and 33) 5,249,657,360 6,404,798,306
Total Noncurrent Assets 162,686,706,1 151,373,010,9
20 38

₱223,436,195, ₱227,949,939,
712 002

LIABILITIES AND EQUITY

Current Liabilities
Accounts payable and accrued expenses (Notes 14,32, 33, ₱18,984,157,2 ₱17,699,187,2
and 34) 12 06
Contract liabilities, deposits and other current liabilities 6,437,853,940 19,792,723,24
(Notes 4, 15, 20, 32, 33 and 34) 8
Income tax payable 179,440,038 30,520,299
Current portion of loans payable (Notes 16, 32 and 33) 17,752,329,64 10,790,500,00
7 0
Total Current Liabilities 43,353,780,83 48,312,930,75
7 3

Noncurrent Liabilities
Loans payable – net of current portion (Notes 16, 32 and 33,406,786,01 36,252,364,14
33) 9 4
Deferred tax liabilities – net (Note 27) 2,919,369,118 3,237,136,115
Contract liabilities, deposits and other noncurrent 8,309,133,852 9,797,543,987
liabilities (Notes 4, 17, 20, 29, 32, 33 and 34)
Total Noncurrent Liabilities 44,635,288,98 49,287,044,24
9 6
87,989,069,82 97,599,974,99
6 9

(Forward)
 December 31
2022 2023

Equity
Equity attributable to equity holders of the Parent
Company
Capital stock (Note 19) ₱5,193,830,68 ₱5,193,830,68
5 5
Additional paid-in-capital (Note 19) 39,034,651,63 39,040,182,91
3 7
Treasury stock (Note 19) (2,566,837,514 (438,1919,348
) )
Equity reserves (Note 19) 15,976,614,43 17,701,192,36
8 0
Other comprehensive income:
Remeasurements of net defined benefit liability – (23,367,770) (143,416,050)
net of tax (Note 30)
Fair value reserve of financial assets of FVOCI -net (23,090,476) 48,990,485
of tax (Notes 8, 13 and 33)
Cumulative translation adjustment (Note 4) (1,731,724) 35,220,967
Retained earnings (Note 18)
Unappropriated 51,761,840,14 39,068,956,48
7 7
Appropriated 20,000,000,00 25,500,000,00
0 0
129,351,909,4 126,006,766,5
19 03
Non-controlling interest (Note 2) 6,095,216,467 4,343,197,520
135,447,125,8 130,349,964,0
86 23

₱223,436,195, ₱227,949,939,
712 022
ROBINSONS LAND CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

Years Ended December 31

2022 2021 2020
REVENUE (Notes 6 and 21)
Real Estate Operations
Rental income (Notes 11, 15 and ₱15,698,459,470 ₱11,056,317,53 ₱10,617,088,26
35 7 9
Real estate sales (Notes 5, 21 and 20,104,538,996 19,018,114,407 11,850,184,276
25)
Amusement income (Note 21) 437,265,093 3,389,267 218,910,438
Others (Notes 21 and 31) 6,934,678,877 5,259,520,752 4,256,717,447
43,174,942,436 35,337,341,963 26,942,900,430
Hotel Operations (Note 21) 2,328,046,518 1,202,075,617 1,083,317,112
45,502,988,954 36,539,417,580 28,026,217,542
COSTS (Notes 6 and 22)
Real Estate Operations
Cost of rental services 5,442,891,270 5,575,048,630 5,340,635,930
Cost of real estate sales (Note 9) 14,129,022,918 13,344,164,863 6,161,235,541
Cost of amusement services 205,148,349 1,595,616 92,678,800
Others 4,709,106,936 3,082,655,128 3,001,624,388
24,486,169,473 22,003,464,237 14,596,174,659
Hotel Operations (Note 22) 2,553,453,140 1,374,542,038 1,347,774,077
27,039,622,613 23,378,006,275 15,943,948,736
18,463,366,341 13,161,411,305 12,082,268,806
GENERAL AND ADMINISTRATIVE
EXPENSES (Note 6 and 23)
4,350,968,306 3,447,602,751 3,588,403,755

INCOME BEFORE OTHER INCOME

(LOSSES) 14,112,398,035 9,713,808,554 8,493,865,051
OTHER INCOME (LOSSES)
Interest income (Notes 7 and 25) 133,296,601 167,105,094 239,358,482
Gain (loss) on foreign exchange 212,682,299 177,950,080 (151,057,904)
(Note 32)
Interest expense (Notes 16,25,35) (1,230,646,712) (1,579,589,238) (1,576,998,829)
Gain on sale of investment
property (Note 11) 11,007514 - -
Others – net (Notes 2,12 and 31) (179,550,998) 919,244 1,097,316

(1,053,211,296) (1,233,614,820) (1,487,600,935)

INCOME BEFORE INCOME TAX 13,059,186,739 8,480,193,734 7,006,264,116
PROVISION FOR (BENEFIT FROM)
INCOME TAX (Note 27) 1,927,399,292 (20,448,589) 1,746,899,885
NET INCOME 11,131,787,447 8,500,642,323 5,259,364,231
OTHER COMPREHENSIVE INCOME
(LOSS)
Other comprehensive income
(loss) to be reclassified to profit or
(36,952,691) 137,924,510 (144,005,903)
loss in subsequent periods
Cumulative translation adjustment
Other comprehensive income
(loss) not to be reclassified to
profit or loss in subsequent
periods
Remeasurements of net defined 160,064,373 50,225,927 (257,345,164)
benefit liability (Note 30)
Fair value reserve of financial (96,107,948) (22,682,959) (17,157,447)
assets at FVOCI (Notes 8 and 13)
Income tax effect (Note 27) (15,989,106) (6,885,742) 82,350,783
47,967,319 20,657,226 (192,151,828)
Total Other Comprehensive 11,014,628 158,581,736 (336,157,731)
Income (Loss)
TOTAL COMPREHENSIVE INCOME ₱11,142,802,075 ₱8,659,224,059 ₱4,923,206500

Year Ended December 31

2022 2021 2020
Net Income Attribute to:
Equity holders of Parent ₱9,749,954,153 ₱8,062,990,250 ₱5,263,683,512
Company
Non-controlling interest 1,381,833,294 437,652,073 (4,319,281)
₱11,131,787,447 ₱8,500,642,323 ₱5,259,364,231

Total Comprehensive Income

Attribute to:
Equity holders of Parent ₱9,760,968,781 ₱8,221,571,986 ₱4,927,525781
Company
Non-controlling interest 1,381,833,294 437,652,073 (4,319,281)
₱11,142,802,075

Basic/Diluted Earnings Per Share ₱1,91 ₱1,55 ₱1,01

(Note 29)

Dividend Declared Per Share ₱0.50 ₱0.25 ₱0.50

See accompanying Notes to Consolidate Financial Statements.

ROBINSONS LAND CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

For the year ended December 31, 2021

Attributable to Equity Holders of the Parent Company

Capital Additional Treasury Equity Remeasureme Cumulati Fair Value Unappropriat Appropriated Total Non- Total Equity
Stock (Note Paid-in Stock (Notes Reserve (Note nts of Net ve reserve of ed Retained Retained Controlling
19) Capital (Note 18 & 19) 19) Defined Translati financial earnings Earnings Interest
19) Benefit on assets at (Note 18) (Note 18)
Liability Adjustme FVOCI
nt (Notes 8
13)
Balances at January ₱5,193,830, ₱39,040,182,9 (₱438,191,34 (₱143,416,05 ₱35,220, ₱48,990,4 ₱39,068,956, ₱25,500,000, ₱126,006,766,5 ₱4,343,197,5 ₱130,349,964,0
1, 2022 685 17 8) 0) 967 85 487 000 03 20 23
Comprehensive - - - - - - - 9,749,954,15 - 9,749,954,153 1,381,833,29 11,131,787,447
Income (Loss) 3 4

Net Income

Other - - - - - - - - - - - -
Comprehensive
income
Net of Tax - - - - (36,952, (72,080,96 - - 11,014,628 - 11,014,628
691) 1)
Total comprehensive - -- - - 120,048,280 (36,952, (72,080,96 9,749,954,15 - 9,760,968,781 1,381,833,29 11,142,802,075
income/loss 691) 1) 3 4
Reversal of - - - - - - - 25,500,000,0 (25,500,000,0 - - -
appropriation (Note 00 0)
18)
Appropriation (Note - - - - - - - (20,000,000,0 (20,000,000,0 - - -
18) 00) 00)
Issuance of capital - - - - - - - - - - 43,500,000 -
stock
Stock issue costs - - - - - - - (2,155,000) - (2,155,000) (435,000) -
(Note 19)
Acquisition of - (5,531,284) (2,128,646,16 - - - - - - (2,134,177,450) - -
treasury stock 6)
Transfer of assets to - - - (1,724,577,92 - - - - - (1,724,577,922) 1,724,577,92 -
subsidiary 2) 2
Cash dividends - - - - - - - (2,554,915,49 - (2,554,915,493) (1,397,457,2 -
(Note 18) 3) 69)
Balances at ₱5,193,830, (₱39,034,651, (₱2,566,837,5 ₱15,976,614, (₱23,367,770 (₱1,731, (₱23,090,4 ₱51,761,840, ₱20,000,000, ₱129,351,909,4 ₱6,095,216,4 ₱135,447,125,8
 December 31, 2022 685 633) 14) 438 ) 724) 76) 147 000 19 67 86

ROBINSONS LAND CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

For the year ended December 31, 2022

Attributable to Equity Holders of the Parent Company

Capital Additional Treasury Equity Remeasure Cumulative Fair Unappropriat Appropriated Total Non- Total Equity
Stock (Note Paid-in Stock (Notes Reserve (Note ments of Net Translation Value ed Retained Retained Controlling
19) Capital (Note 18 & 19) 19) Defined Adjustment reserve of earnings Earnings Interest
19) Benefit financial (Note 18) (Note 18)
Liability assets at
FVOCI
(Notes 8
13)
Balances at January ₱5,193,830, ₱39,041,323, ₱- ₱ (₱181,085,4 (₱102,703, ₱66,002,7 ₱31,821,949, ₱26,000,000, ₱101,839,321,9 ₱878,709,72 ₱102,718,031,6
1, 2022 685 236 95) 543) 04 324 000 11 4 35
Comprehensive -- - - - - - - 8,062,990,25 - - 437,652,073 8,500,642,323
Income (Loss) 0

Net Income

Other - - - - - - - - - 8,062,990,250 - -
Comprehensive
income
Net of Tax - - - - 37,699,445 137,924,51 (72,080,9 - - - - 158,581,736
0 61)
Total comprehensive - - - - 37,699,445 137,924,51 (72,080,9 8,062,990,25 - 158,581,736 437,652,073 8,659,224,059
income/loss 0 61) 0
Reversal of - - - - - - - 26,000,000,0 (26,000,000,0 8,221,571,986 - -
appropriation (Note 00 00)
18)
Appropriation (Note - - - - - - - (25,500,000,0 25,500,000,00 - - -
18) 00) 0
Issuance of capital - - - - - - - (6,881,245) - - (470,868,755 (477,750,000)
stock )
Stock issue costs - - - 17,701,192,3 - - - - - (6,881,245) 3,722,917,05 21,424,109,419
(Note 19) 60 9
Acquisition of - - - - - - - 10,644,171 - 17,701,192,360 (3,000) (10,647,171)
treasury stock
Transfer of assets to - (1,145,319) (438,191,348 - - - - - - (10,644,171) - (439,336,667)
subsidiary )
Cash dividends - - - - - - - (1,298,457,67 - (439,336,667) (225,209,581 (1,523,667,252)
(Note 18) 1) )
Balances at ₱5,193,830, ₱39,040,182, (₱438,191,3 ₱17,701,192, (₱143,416,0 ₱35,220,96 ₱48,990,4 ₱39,068,956, ₱25,500,000, ₱126,006,766,5 ₱4,343,197,5 ₱130,349,964,0
December 31, 2022 685 917 48) 360 50) 7 85 487 000 03 20 23
Notes to Financial Statements

1. Corporate Information

Robinsons Land Corporation (the Parent Company) is a stock corporation organized and
incorporated on June 4, 1980 under the laws of the Philippines. The Parent Company and its
subsidiaries are collectively referred herein as “the Group”.

The Group is engaged in the business of selling, acquiring, developing, operating, leasing and
disposing of real properties such as land, buildings, lifestyle commercial centers, office
developments, industrial facilities, housing projects, hotels and other variants and mixed-used
property projects. The Group is 62.66% owned by JG Summit Holdings, Inc. (JGSHI or the
Ultimate Parent Company) and the balance is owned by the public, directors and officers as of
December 31, 2022. JGSHI is one of the country’s largest conglomerates, with diverse interests
in branded consumer foods, agro-industrial and commodity food products, petrochemicals, air
transportation and financial services.

The Parent Company’s shares of stock are listed and currently traded at the Philippine Stock
Exchange (PSE) under the stock symbol “RLC”.

The Parent Company’s principal executive office is located at Level 2, Galleria Corporate
Center, EDSA comer Ortigas Avenue, Quezon City, Metro Manila.

The consolidated financial statements as of December 31, 2022 and 2021 and for the years ended
December 31,2022, 2021 and 2020 were authorized for issue by the Parent Company’s Board of
Directors (BOD) on March 28, 2023.

2. Basis of Preparation

The consolidated financial statements of the Group have been prepared under the historical cost
basis except for financial assets at fair value through other comprehensive income (FVOCI) that
have been measured at fair value. The consolidated financial statements are presented in
Philippine Peso (P), the Parent Company’s functional currency. All amounts are rounded to the
nearest Peso unless
otherwise indicated.

The consolidated financial statements provide comparative information in respect of the previous
period and have been prepared under the going concern assumption. While there are recent signs
of increased market activity with the easing of quarantine measures in key areas in the
Philippines, management believes that the impact of COVID-19 pandemic situation remains
fluid and evolving and the pace of recovery remains uncertain.

3. Statement of Compliance

The consolidated financial statements of the Group have been prepared in accordance with the
Philippine Financial Reporting Standards (PFRSs), as modified by the application of the
financial reporting reliefs issued and approved by the Securities and Exchange Commission
(SEC) in response to the COV1D-19 pandemic.

Deferral of the following provisions of Philippine Interpretations Committee Question & Answer
(PIC Q&A) 2018-12, PFRS15 Implementation Issues Affecting the Real Estate Industry
On December 15, 2020, the Philippine SEC issued SEC Memorandum Circular (MC) No. 34-
2020 which further extended the deferral of the following provisions of PIC Q&A 2018-12 until
December 31, 2023:
a. Exclusion of land in the determination of percentage of completion (POC) discussed in PIC
Q&A No. 2018-12-E
b. Accounting for significant financing component discussed in PIC Q&A No. 2018-12-D
c. Implementation of International Financial Reporting Standards (IFRS) Interpretations
Committee

(IFRIC) Agenda Decision on Over Time Transfer of Constructed Goods (Philippine Accounting
Standards (PAS) 23, Borrowing Cost) for Real Estate industry
The exclusion of land in the determination of POC and IFRIC Agenda Decision on Over Time
Transfer of Constructed Goods (PAS 23, Borrowing Cost) for Real Estate industry as discussed
in PIC Q&A No. 2018-12-E are not applicable to the Group's real estate operations in the
Philippines.

The details and the impact of the adoption of the above financial reporting reliefs are discussed
in the Adoption of New and Amended Accounting Standards and Interpretations section of Note
3. PFRSs include Philippine Financial Reporting Standards, Philippine Accounting Standards
(PAS) and Interpretations issued by the Philippine Interpretations Committee (PIC).

4. Basis of Consolidation

The consolidated financial statements comprise the financial statements of the Group as of
December 31, 2022 and 2021 and for each of three years in the period ended December 31,2022,
2021 and 2020.

The consolidated financial statements are prepared for the same reporting period as the Parent
Company, using uniform accounting policies for like transactions and other events in similar
circumstances.

An investee is included in the consolidation at the point when control is achieved. Control is
achieved when the Group is exposed, or has rights, to variable returns from its involvement with
the investee and has the ability to affect those returns through its power over the investee.
Specifically, the Group controls an investee if and only if the Group has:
• Power over the investee (i.e., existing rights that give it the current ability to direct the
relevant
activities of the investee)
• Exposure, or rights, to variable returns from its involvement with the investee, and
• The ability to use its power over the investee to affect its returns

Generally, there is a presumption that a majority of voting rights results in control. To support
this presumption and when the Group has less than a majority of the voting or similar rights of an
investee, the Group considers all relevant facts and circumstances in assessing whether it has
power over an investee, including:

- The contractual arrangement with the other vote holders of the investee
- Rights arising from other contractual arrangements
- The Group's voting rights and potential voting rights

5. Standards Issued but not yet Effective

Pronouncements issued but not yet effective are listed below. Unless otherwise indicated, the
Group does not expect that the future adoption of the said pronouncements will have a
significant impact on its consolidated financial statements. The Group intends to adopt the
following pronouncements when they become effective.